RDSP Withdrawals
KNOWLEDGE EXPECTED OF: QAFP® Professionals
Highest Knowledge Level: Awareness
Knowledge Levels and Associated Verbs
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Awareness
The state of being aware that something exists / to have familiarity with a particular activity or subject
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Understanding
To comprehend the general relationship of particulars / to have an expertise with how something works
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Application
Ability to put information to use / to use knowledge for relevant, practical purposes
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Evaluation
To judge or conclude by utilizing data / a systematic determination of something’s worth or significance
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Define
To state exactly the meaning of
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Identify
To be aware of / to recognize and correctly name / to locate an appropriate resource
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Explain
To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
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Determine
To ascertain / to come to a decision, such as by investigation or reasoning
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Compare
To note the similarities and differences between two or more things
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Estimate
To determine an approximate value for
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Calculate
To find the value using mathematics
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Convert
To change from one form or purpose to another
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Evaluate
To reach a conclusion or make a through careful study
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Interpret
To give the meaning of / to construe or understand / to translate orally
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Hold cursor over or click on each term to read its definition.
- Identify how withdrawals from and income earned in a Registered Disability Savings Plan affect government benefit programs.
- Federal government income-tested benefit programs
- Provincial government income-tested benefit programs
KNOWLEDGE EXPECTED OF: CFP® Professionals
Highest Knowledge Level: Evaluation
Knowledge Levels and Associated Verbs
|
Awareness
The state of being aware that something exists / to have familiarity with a particular activity or subject
|
Understanding
To comprehend the general relationship of particulars / to have an expertise with how something works
|
Application
Ability to put information to use / to use knowledge for relevant, practical purposes
|
Evaluation
To judge or conclude by utilizing data / a systematic determination of something’s worth or significance
|
||||||
|---|---|---|---|---|---|---|---|---|---|
|
Define
To state exactly the meaning of
|
Identify
To be aware of / to recognize and correctly name / to locate an appropriate resource
|
Explain
To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
|
Determine
To ascertain / to come to a decision, such as by investigation or reasoning
|
Compare
To note the similarities and differences between two or more things
|
Estimate
To determine an approximate value for
|
Calculate
To find the value using mathematics
|
Convert
To change from one form or purpose to another
|
Evaluate
To reach a conclusion or make a through careful study
|
Interpret
To give the meaning of / to construe or understand / to translate orally
|
Hold cursor over or click on each term to read its definition.
- Identify how withdrawals from and income earned in a Registered Disability Savings Plan affect government benefit programs.
- Federal government income-tested benefit programs
- Provincial government income-tested benefit programs
Additional Knowledge Expected of CFP Professionals
- Define a Specified Disability Savings Plan (SDSP).1
- Define a specified year.2
- Identify when a Registered Disability Savings Plan becomes a Specified Disability Savings Plan.3
- Explain the impact of changing a Registered Disability Savings Plan to a Specified Disability Savings Plan.4
- Entitlement to future Canada Disability Savings Grants and Canada Disability Savings Bonds
- Entitlement to carry forward of Canada Disability Savings Grant and Canada Disability Savings Bond
- Maximum withdrawals permitted
- Define a Primarily Government Assisted Plan (PGAP).5
- Define the Assistance Holdback Amount.6
- Define the types of payments that may be made from a Registered Disability Savings Plan.7
- Disability Assistance Payments, including Lifetime Disability Assistance Payments
- Direct transfer to another Registered Disability Savings Plan for which the beneficiaries are the same
- Repayments under the Canada Disability Savings Act
- Identify the repayment that will be required if a Disability Assistance Payment is taken.8
- Identify the requirements for Lifetime Disability Assistance Payments to be made.9
- Identify the Lifetime Disability Assistance Payment for a Registered Disability Savings Plan.
- Maximum amount
- Non-taxable amount
- Taxable amount
- Determine the impact resulting from the breakdown of a Registered Disability Savings Plan beneficiary’s relationship.
- On the contributions made to the plan
- On Canada Disability Savings Grants contributed to the plan
- On Canada Disability Savings Bonds contributed to the plan
- On investment earnings within the plan
- On taxation
- On the plan’s status
- Determine how each of these factors may impact the suitability of withdrawing from a Registered Disability Savings Plan for personal use:
- Tax impact
- Loss of Registered Disability Savings Plan contribution room
- Loss of asset growth within Registered Disability Savings Plan
- Impact on government benefits
- Evaluate how each of the factors may impact the suitability of withdrawing from a Registered Disability Savings Plan.
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